Before the bell: Stocks to start lower ahead of auto sales

Posted Jan 5th 2009 7:45AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil

U.S. stock market futures were lower Monday morning as Wall Street comes back to the first full week of 2009 and investors coming back from the Christmas and New Year holidays. It seems that last week's strong gains may not continue today as the Street awaits car sales data and reacts to the Obama stimulus plan to be discussed on Capitol Hill today. Also, comments from central bank figures around the world put deflationary pressure in focus.

Overseas, Asian markets gained as they had some catching up to do with Wall Street and Europe. Despite that, in Europe, markets were mixed Monday as traders took profits on gains built up over the Christmas and New Year's holidays. And as the reaction to Obama's stimulus plan was mostly positive, the dollar rose against the euro and the yen. Oil prices rose above $47 a barrel.

Economic data today includes December car and truck sales to be reported by the nation's automakers. The numbers are expected to show considerable declines with a 40% drop in overall sales. Also, at 10:00 am, November construction spending will be released.

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